Global Ground Engaging Tools Market to Reach US$ 39,594.7 Mn by End of 2030 - Coherent Market Insights
SEATTLE, May 17, 2022 /PRNewswire/ -- According to Coherent Market Insights, The global Ground Engaging Tools market was valued at US$ 7,087.4 Million in 2021 and is estimated to account for US$ 39.594.7 Million, in terms of value, by the end of 2030.
Increasing urban population has led to high demand for new infrastructure and building such as commercial and residential. Moreover, technological advancements in development of construction or mining equipment such as battery-based equipment have reduced the carbon emission and footprint and led to the replacement of conventional equipment. Hence, increasing demand for new construction and technological advancement are some of the factors expected to drive the market growth.
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1. Increasing Investment in infrastructure globally
Increasing investment for infrastructure in various countries have accelerated the demand for construction equipment such as loaders and dozers. This increasing demand for construction equipment is expected to aid in growth of the market for ground engaging tools globally. For instance, according to South Africa budget 2017, the government released fund of US$ 9.5 billion (R142.6 billion) for public transport, US$ 6.3 billion (R94.4 billion) for water resources and bulk infrastructure, and US$ 7.7 billion (R114.8 billion) for public housing.
2. Increasing government investment for smart cities
Governments of various countries are focusing on investing significantly for the development of smart cities. For instance, increasing initiatives from Chinese government for the development of smart cities in China drives the market growth in the country. In March 2014, the National State Council of PRC published the National New Urbanisation Plan (2014-2021) for the development of smart cities. In May 2018, the Global Future Cities Alliance, a non-profit organization signed a memorandum of cooperation with China Association of Trade in Services to accelerate smart city development in the country.